Finance

There Could Be a Financial Crash Before End of Trump’s First Term, Experts Say, Citing Looming Debts

Financial experts noted several ominous economic indicators, including skyrocketing student loans and U.S. household debts, that could predict a crash “worse than the Great Depression,” according to a… Benjamin Fearnow Newsweek Goldman Sachs predicted that this year’s U.S. fiscal outlook would be “not good,” and that U.S. household debt had been increasing since the 2008 housing crisis led to American taxpayers bailing out the… In 2018, experts said, a $247 trillion global debt will be the greatest cause of the next cataclysmic financial crash. Additionally, low ... Read More »

British Jacobins on the march in Brexit revolution

You’re either with or against us, say both sides. By TOM MCTAGUE Politico LONDON — Britain has been radicalized by Brexit. As the clock ticks down to D (as in EU departure) Day on March 29, 2019, both sides are digging in for the coming battle over whatever deal Theresa May is able to bring back from Brussels later this year. For the Brexiteers, the battle cry is “chuck Chequers,” deal or no deal. For the arch Remainers, it’s chuck ... Read More »

Trump has decided to impose tariffs on $200 billion in Chinese goods in dramatic escalation of trade battle

President Trump has decided to impose tariffs on $200 billion in Chinese goods, two people briefed on the decision said, one of the most severe economic restrictions ever imposed by a U.S. president. Damian Paletta and David J. Lynch The Washington Post An announcement is expected to come within days, the people said, speaking on the condition of anonymity because they weren’t authorized to discuss internal plans. The new tariffs would apply to more than 1,000 products, including refrigerators, air ... Read More »

The IMF’s ‘Large Brain, Unhealthy Ego, and Tiny Conscience’

The reforms to the IMF since the global financial crisis have amounted to window dressing. Lauren Carasic The Nation Ten years after the financial crisis, the International Monetary Fund (IMF) remains largely beholden to policies that undermine human rights and exacerbate inequality around the world. In response to the global recession, the IMF pressured countries to restructure sovereign debt—in part by adopting austerity measures that eroded basic needs such as health care and income security. The resulting human cost was ... Read More »

Flogging of worthless life insurance policies laid bare

It shouldn’t be a surprise that the flogging of life insurance is the domain of the hard seller. It is the ultimate “grudge” purchase. Who, after all, wants to think about their own demise, let alone prepare for it? John Collett The Age “It has ever been thus,” says Peter Thornhill, who had a long career in funds management and life insurance in Australia and overseas. “People don’t perceive life insurance as a necessity and, as a consequence, it has ... Read More »

Top Growing Trends & Segments in Global Deepwater Hydrocarbons Exploration Market , 2016-2024

The worldwide “Deepwater Hydrocarbons Exploration Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024” report covers every single fundamental datum identified with the Times of Jersey It underscores a thought of the ongoing business sector development alongside insight about the most overwhelming players in the worldwide market. The market report talks about the businesses and market, computed highlights that are useful for the advancement of the worldwide Deepwater Hydrocarbons Exploration Market including the market size and…… Top Growing Trends… Read More »

Israel, Greece, Cyprus plan underwater gas pipeline

Netanyahu meets with Greek, Cypriot foreign ministers as three countries plan gas pipeline to Europe Arutz Sheva Prime Minister Binyamin Netanyahu on Thursday, at the Prime Minister’s Office in Jerusalem, held a trilateral meeting with Greek Foreign Minister Nikos Kotzias and Cypriot Foreign Minister Nikos Christodoulides. He also met… The three discussed, in continuation of previous meetings, the laying of a joint Israel-Cyprus-Greece East-Med gas pipeline in order to export gas to Europe. They also discussed – inter alia – ... Read More »

Income and Wealth in the United States: An Overview of Recent Data

Government surveys collect a wide range of information about the population of the United States that contain useful insights about Americans’ economic status. Peter G. Peterson Foundation Three examples are the American Community Survey (ACS), the Current Population Survey Annual Social and Economic Supplement (ASEC), and the… The ACS and the ASEC are conducted annually by the Census Bureau, while the SCF is conducted once every three years by the… Below are some examples of measures of income and wealth ... Read More »

Greek Economic Recovery Has Nothing to Do With Odysseus

According to the prime minister, Greece is emerging from bailout life like Odysseus coming home to Ithaca. This comparison could use some work. Alexis Papazoglou The New Republic In 2010, at a picturesque port on the island of Kastelorizo, then Prime Minister George Papandreou announced the start of “a new Odyssey for Greeks”: entry into an austerity-focused International Monetary Fund-European Union bailout agreement to help finance the… “We know the route to Ithaca,” Papandreou said, “and we’ve got a map.” ... Read More »

CBA admits to misleading advertising for heart attack cover

The Commonwealth Bank’s insurance arm has for the first time admitted to publishing misleading advertising that would have left customers thinking they were covered for heart attacks, when… Clancy Yeates The Age The royal commission into financial misconduct also heard the bank convinced the corporate watchdog to soften its language in a media release about the ads to remove an admission of wrongdoing. Its penalty for the misleading ads was a fraction of the maximum fine it could have… Senior ... Read More »

Breast cancer surgery wasn’t ‘radical’ enough for CommInsure

CommInsure refused to pay out a woman with breast cancer because it didn’t consider she’d had “radical” breast surgery, despite the evidence of her doctor and surgeon. Ruth Williams WAtoday The financial services royal commission on Thursday heard that CommInsure repeatedly denied her claim on the basis of an outdated and arbitrary definition of “radical” breast surgery, which it argued only included a mastectomy, despite that definition not appearing anywhere in the… The woman bought trauma insurance in 1996 and ... Read More »

New data paint an unpleasant picture of poverty in the US

On Sept. 12, the U.S. Census Bureau released national poverty data for 2017. The headline was that 39.7 million people were poor in 2017. This works out to 12.3 percent of the population or one in eight Americans. The good news is that the U.S. poverty rate has fallen since 2010, when it hit 15.1 percent, and… The bad news is that poverty still exceeds the 11.3 percent rate of 2000 and far too many people are poor in a ... Read More »

Argentina, Turkey, Indonesia – why it’s too early to speak of contagion in emerging markets

Turkey, Indonesia and Argentina have all seen their currencies experience huge drops in recent months. Similarly, stocks in India, South Africa, Mexico and others have taken a hit. Alain Naef The Conversation Emerging markets across the board have been under pressure since the US Federal Reserve raised interest rates in June. Governments and companies had borrowed in dollars when interest rates were low and the dollar was weak. Now the dollar is strong and interest rates are rising. And research ... Read More »

The Real Cost of the 2008 Financial Crisis

The aftermath produced a lost decade for European economies and helped lead to the rise of anti-establishment political movements here and abroad. John Cassidy The New Yorker Audio: Listen to this article. To hear more, download the Audm iPhone app. September 15th marks the tenth anniversary of the demise of the investment bank Lehman Brothers, which presaged the biggest financial crisis and deepest economic recession since the nineteen-thirties. After Lehman filed for bankruptcy, and great swaths of the markets froze, ... Read More »

Mining Council warns mining’s impact ‘invisible and just assumed’

The mining industry needs to do more to address perceptions it doesn’t do enough to manage its environmental impact, share the prosperity it creates with the wider community or look after its staff, according to the chairperson of the… Darren Gray The Canberra Times In a speech to be delivered on Monday in Perth, Dr Guthrie will say that while Australian mining “has a strong track record in mine rehabilitation and investing in regional communities,” it needs to do more ... Read More »

Under pressure govt backtracks on Atif Mian appointment; removes economist from advisory council

The Pakistan Tehreek-i-Insaf (PTI) government has asked Princeton University economist Atif R. Mian to step down from the Prime Minister Imran Khan-led Economic Advisory Council (EAC), PTI Senator Faisal Javed Khan announced on Friday. Fahad Chaudhry Dawn The decision follows mounting pressure from religiopolitical partiesagainst the appointment of Dr Mian, who is an Ahmadi. According to a tweet by Senator Javed, Mian has agreed to give up his position on the council. A replacement will be announced later, he… Minister of ... Read More »